Monday, Sept. 17, 2007 | 7:15 a.m.
The best odds on standard football parlay cards in Las Vegas this season are mostly found at the Plaza:
3-for-3 Plaza, Poker Palace 6-1
4-for-4 Multiple locations 12-1
5-for-5 Plaza 26-1
6-for-6 Plaza 53-1
7-for-7 Plaza 109-1
8-for-8 Plaza 219-1
9-for-9 Cal Neva, Palms, Plaza 419-1
10-for-10 Plaza 899-1
Neither sports bettors nor casinos, it seems, can get enough of parlay cards during football season in Las Vegas.
Gamblers risked a collective $70.2 million on parlay cards last year, according to the state Gaming Control Board, up from roughly $63 million and $60 million in the previous two years.
Sports books won, or "held," about 30 percent of the amount wagered last year, or more than $21 million. By comparison, the casinos' hold rate in other forms of sports betting is typically in the single digits.
Despite the sizeable house hold, parlay cards can be an advantageous play for sports gamblers.
Besides the promise of a big payout for a small investment, parlay cards sometimes offer bettors an opportunity to take advantage of line moves in their favor.
This past Saturday, for example, Kansas remained a 22 1/2-point favorite on many parlay cards even after it had been bet up to a 27 1/2-point favorite in its game against Toledo. (Kansas won, 45-13.) Some sports books opted to make the game off-limits for parlay-card bettors after the line moved, but others did not.
Because payout odds can vary considerably from casino to casino, even on cards that are otherwise virtually identical, we surveyed this season's football parlay cards at 20 distinct sports books in the Las Vegas area and the one independent book in Laughlin. We considered only standard parlay cards. Most were "half-point" cards, on which ties against the point spread are impossible because every spread contains a half-point. A handful were "ties reduce" cards, which are similar but reduce the payout by one level in the event of a push against the point spread. No "ties win" or other gimmicky cards were considered.
Following is a rundown of the highlights and "lowlights:"
Cal Neva properties pay 5.75-1 on three-teamers. (Based in Reno, Cal Neva has Southern Nevada outlets at Binion's, the Four Queens, the Tuscany, Casino Valle Verde and Stetson's.)
Most other joints pay 5.5-1 on three-teamers.
Don't be fooled by the misleading terminology used on parlay cards in describing their payouts. Parlay cards unfortunately list their odds in terms of "7 for 1," which means 6-1 (risk $1 to net $6) here in the real world, "12 for 1," which means 11-1, and so on.
It's in the six-team range that parlay-card bettors begin to encounter dangerous straits if they're not cautious. Payouts on six-teamers are as low as 41-1 at several Las Vegas properties, a house edge of approximately 33 percent.
Cal Neva and the Golden Nugget are also solid on six-teamers, paying 51-1.
Cal Neva was runner-up on seven-teamers (103-1) and eight-teamers (207-1).
Beware of the 159-1 frequently seen around town on eight-teamers, which works out to a house edge of roughly 37 percent.
As long as the Plaza maintains its current payout schedule, the casino at 1 Main Street will be the best bet for parlay card players, as it either leads or ties for the lead in payout odds among Las Vegas sports books this football season.
There was also a clear "winner" as far as the worst parlay card we encountered. The Riverside in Laughlin offers a standard half-point card, although as the rules on the back inform us, if there are ever any whole-number point spreads, "Ties Lose." As this is not a ties-reduce card, there's really no excuse for its poor payout schedule.
The Riverside pays 5-1 on three-teamers, 10-1 on four-teamers, 20-1 on five-teamers and 34-1 on six-teamers, all somewhat below standard or well below standard compared with Las Vegas. Then it gets ugly. Seven-teamers pay 59-1 (approximate house edge: 53 percent), eight-teamers pay 99-1 (approximate house edge: 61 percent), nine-teamers pay 199-1 (approximate house edge: 61 percent) and 10-teamers pay 499-1 (approximate house edge: 51 percent).
Considering parlay cards from Harrah's/Caesars, Leroy's and the Stratosphere are readily available in Laughlin, it's easy to ignore the Riverside's parlay card. But it's disappointing to realize such a card even exists in the realm of legal, state-regulated sports betting.
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